New name for old player

The nonprofit consulting company IIT Research Institute has spun off from its parent to form an employee-owned business called Alion Science and Technology Corp.

IIT Research Institute was formed 66 years ago by the Illinois Institute of Technology as a research and development group. Alion will be based in McLean, Va., and was created through a leveraged employee buyout of approximately $130 million, plus warrants held by IIT and the assumption of certain liabilities.

The company expects annual revenue of between $225 million and $230 million and has 1,650 employees working in areas such as modeling and simulation, IT systems and services and wireless communications.

Employees transferred funds from their eligible retirement account balances into a newly created employee stock ownership plan, which then acquired all the common stock of Alion. A group of outside lenders provided senior debt, while IITRI provided subordinated debt.

 

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